We got a car from ACF/Cygnet finance in Sept 2009. we have been paying them every month without fail since then. We stupidly cancelled the "warrenty" at the time of the purchase, but was unaware that it covered the GAP insurance. Our car was written off as a total loss last week after i was driven into by a land rover. The insurers have offered 4,200 for the car. Cygnet's settlement as of last week was 4,800. As we have no gap insurance, we are liable for the 600 something shortfall. Plus our usual payment for this month. Cygnet have said that if we dont pay them by June 1st then we will owe the remaining finance on the car, which totals around 3 grand. can they do this?? Surely they can give us time to pay the 600?? We are skint, as we have had to pay out for a car this month, just a 2nd hand runaround, so no way can we pay them their 600 upfront. I am attempting to get advice from CAB but they do not seem to answer their phones!! I have been thru the policy and under "your obligations" it states that if the good are a write off/total loss then the balance outstanding will become due, when they recieve all moneies, the agreement will then terminate. You will pay the installments untill they have recieved the outstanding balance, if the insurance money exceeds the amount owing they will refund, if it is less, then "you will pay us the shortfall" Help!!!!!!

Also, the BOS was signed by Myself, my husband the Shaun, the sales rep selling us the car/finance... is this legal????

My husband and i purchased a car from ACF/signet finance today. I wish i'd seen this site before we signed anyting as i am really truly scared right now as to what we could be facing. I have a few questions, would be grateful for any help Firstly, i have read a bit about the BOS on here this evening. We have BOS dated with todays date, our names and addresses on, is this valid?? I have seen that they should be stamped with a seal or something??? Also, having looked through the car docs, it appears the car hasnt been serviced recently, should acf not have done this???? We must have had a half decent sales asst, as he didnt try and palm us off with any PPI but we did sign up for MWI which is an extra 900 (&apr on top) onto the whole credit agreement. (I am going to cancel this, as within my rights to do so, once i have recieved the policy through the post) Can anyone give me any advice?? It has just occured to me, that at no point did the sales asst say we could cancel this agreement.. Surely there should be a cooling off period or something???? Hellllllllllp!!! I am so confused right now!!!! Also, we told him our MAX monthly payment was 200, he basically said we couldnt get any car we wanted for that amount, and we have ended up now with a monthly sum of 260 to pay! :confused::confused: WE MUST BE INSANE.